/raid1/www/Hosts/bankrupt/TCREUR_Public/020926.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, September 26, 2002, Vol. 3, No. 191
Headlines
* C Z E C H R E P U B L I C *
KOMERCNI BANKA: Buys Back US$200 Million Debt
* F R A N C E *
ALCATEL: Moody's Places Rating on Review for Possible Downgrade
ALCATEL: Awarded Multimillion Dollar Contract to Light Bangkok
ALCATEL: Announces Partial Sale of Its Shareholding in Thales
ALCATEL: Will Provide Czech Telecom With Number Portability
BULL SA: Bull Confirms Strategic Server Direction
BULL SA: Bull Evidian Adds Ubizen to Web Security Resellers
BULL SA: Alstom Technology Cmf Deploys Bull-Evidian Portalxpert
NORTEL NETWORKS: Introduces SSL-based Secure Extranets
NORTEL NETWORKS: Extends Secure Routing Technology on Contivity
NORTEL NETWORKS: Introduces New Framework to Secure Networks
VIVENDI: Appoints Rene Penisson Advisor to the Chairman and CEO
* G E R M A N Y *
ADVANCED MEDIEN: Supervisory Board Member Announces Resignation
DEUTSCHE TELEKOM: Sale Will Raise EUR 2.5BB, Says Liberty Media
KIRCHMEDIA: Creditors Approve Sale of Assets by Parts
KIRCHMEDIA: ProSiebenSat1 Mulls Full Takeover of Kirch Intermedia
MAN AG: Positive Half-time Summary From MAN Nutzfahrzeuge
* I T A L Y *
AVERY WEIGH-TRONIX: Reaches Restructuring Agreement With Lenders
* S W E D E N *
SONG NETWORKS: On Track to Reach EBITDA Break-Even
* S W I T Z E R L A N D *
SWISS DAIRY FOOD: Government to the Rescue With CHF70 Million
SWISS LIFE: Divests Share in Cable Car Company
* U N I T E D K I N G D O M *
ANTISOMA: Company Share Option Plan Grants
BRITISH ENERGY: Cancels Undrawn Revolving Credit Facilities
BRITISH ENERGY: Government Set to Increase Lifeline
CABLE AND WIRELESS: Extraordinary Meeting Fuels Layoff Rumors
CABLE AND WIRELESS: Chief's Position Hangs on Strategic Review
CABLE AND WIRELESS: U.S. Data Customers Migrates to New Edge
CABLE AND WIRELESS: Announces Pre-close Trading Update
CABLE AND WIRELESS: Disposes of U.S. Retail Voice Customer Base
CARLTON COMMUNICATIONS: Purchase of Own Shares
CARLTON COMMUNICATIONS: Announces EUR5 Share Buyback
CELLTECH GROUP: Notification of Major Interests in Shares
COMPASS GROUP: Appoints Executive Director to Board
KINGFISHER: Announces Director Shareholding
NEWMEDIA SPARK: Results of Annual General Meetings
PACE MICRO TECHNOLOGY: Launches `Free-To-View' Video Recorder
PEARL: Parent Dismisses Shareholder Capital Injection
TADPOLE TECHNOLOGIES: NTT Procures Magi Enterprise Software
WORLDCOM INC: Court Approves Lazard Freres as Financial Advisors
===========================
C Z E C H R E P U B L I C
============================
KOMERCNI BANKA: Buys Back US$200 Million Debt
---------------------------------------------
Czech's Komercni Banka said it had bought back from its creditors
15% of the US$200 million subordinated debt issued in 1998,
Reuters says.
The report cited the bank's filing for the London Stock Exchange,
saying the notes acquired would not be cancelled. The statement
failed to explain the move, which is expected to reduce its re-
financing costs.
Fitch Ratings upgraded Komercnni banka's rating to 'D' from
'D/E' and removed it from Rating Watch Positive.
The rating agency based its action on "the progress the bank has
made in improving risk systems and corporate governance, the
satisfactory levels of reserves it holds for non-performing
assets, and the adequate level of its capital."
Komercni Banka is a unit of France's Societe Generale and is one
of the three largest banks in the Czech. Since its purchase of KB
in October 2001, Societe Generale has continued with the
restructuring initiated by the previous management, reviewed the
loan portfolio and enhanced reserve levels in the troubled CDO
portfolio.
===========
F R A N C E
===========
ALCATEL: Moody's Places Rating on Review for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Ba1 ratings for senior
debt of telecommunications equipment provider, Alcatel, on review
for possible downgrade.
The rating affects approximately EUR5.4 billion debt securities.
The action follows the French company's recent business update
and announcement of further restructuring measures adopted to
combat the worsening condition of the telecom markets.
Alcatel recently announced to further restructure by slashing
9,000 jobs to its trim workforce to 60,000 at the end of 2003.
The move would entail a provision of EUR500 million for the next
three quarters.
The reduction is expected to translate into an annual break-even
level of EUR 12 billion compared to the originally planned EUR 14
billion.
Moody's, however, warns that "that Alcatel's financial
flexibility could become reduced if some of the financial
covenants contained in its outstanding available facilities were
to be breached, for instance as a result of a lower EBITDA."
Towards the conclusion of the review in the next four weeks,
Moody says it will "focus on the ability of Alcatel to adjust its
breakeven target to new sales level, the potential for further
weakness in its key lines of business and the sustainability of
its currently positive free cash-flow generation."
ALCATEL: Awarded Multimillion Dollar Contract to Light Bangkok
-----------------------------------------------------------
Alcatel, the world leader in optical networking, announced today
that it has been awarded a multimillion dollar contract by Asia
Multimedia, a subsidiary of Thailand's leading telecom operator,
TelecomAsia, to build the operator's metropolitan transmission
network in Bangkok. Based on Alcatel's dense wavelength division
multiplexing (DWDM) and synchronous digital hierarchy (SDH)
technologies, the project will provide Asia Multimedia with a new
transport network capacity to meet the demand for leased line
service.
Alcatel will implement its carrier-class 1696 Metro Span, a DWDM
system specifically designed for metropolitan and enterprise
applications. The infrastructure will also leverage Alcatel's
next-generation SDH Optical Multi-Service Node (OMSN) systems,
which deliver data-aware functionality. The highly-scalable
solution provided by Alcatel ensures higher network flexibility
and reliability enabling Asia Multimedia to maximize its network
profitability. Efficient traffic control and routing throughout
the entire transmission infrastructure will be guaranteed by
Alcatel's integrated network management platform.
"This is another successful cooperation between Alcatel and Asia
Multimedia. We really benefit from high speed, high efficiency
and multi-service metro transmission platform with Alcatel's
advanced technology and reliable services," said Chatchaval
Jiaravanon, President of Asia Multimedia.
"We are delighted that Asia Multimedia has turned to Alcatel's
technology to deploy new advanced services for its end-users. As
demand for bandwidth continues to grow, carriers want to use
bandwidth more efficiently in their metropolitan networks,"
said Jean-Marie Vansteenkiste, president of Alcatel's optical
network activities. "The 1696 Metro Span system provides a cost
effective solution that maximizes the capacity of fiber networks,
allowing the delivery of expanded, revenue-generating services."
ALCATEL: Announces Partial Sale of Its Shareholding in Thales
-------------------------------------------------------------
Alcatel (http://www.alcatel.com/)is initiating the sale of
10,300,000 Thales shares, i.e. 6.1% of the share capital of
Thales, based on the modification of an agreement signed in 1998
between Alcatel and Groupe Industriel Marcel Dassault (GIMD).
Neither the agreement between the Public Sector (« Secteur Public
») and the Industrial Partner (« Partenaire Industriel »)
(Alcatel and GIMD), nor the other terms of the agreement between
Alcatel and GIMD will be affected by this transaction. Alcatel
confirms its position as the number one private shareholder of
Thales, with three seats on Thales' board of directors. Alcatel
intends to continue the joint activities between the two groups.
Upon the closing of the transaction, Alcatel's shareholding in
Thales will amount to 9.7% and the Industrial Partner will hold
15.56%.
Independent from this transaction, Alcatel reiterates that the
group can finance its operations in 2003 and beyond. As for this
transaction, it contributes to further strengthen its balance
sheet ratios and its financial situation, as well as financing
restructuring costs as mentioned earlier this month.
The sale of Thales shares by Alcatel will be carried out through
a private placement led by SG Investment Banking to institutional
investors. The sale price will be set upon the completion of an
accelerated book-building.
Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimising their service offerings and
revenue streams. With sales of Euro 25 billion in 2001, Alcatel
operates in more than 130 countries.
ALCATEL: Will Provide Czech Telecom With Number Portability
-----------------------------------------------------------
Alcatel, the leading supplier of STP-based intelligent routing
applications, announced that it has signed a contract with Czech
Telecom, the Czech national fixed operator, for the deployment of
Signal Transfer Points (STPs) with Number Portability
applications.
This expansion will enable Czech Telecom to enhance its network
by providing powerful SS7 signaling call control and value-added
portability facilities. These new services will enable
subscribers to keep the same telephone number when changing
telephone operator or moving within the country.
The Alcatel STPs will be deployed in the cities of Prague and
Brno, whilst number portability services will be commercially
available by the end of 2002, to comply with regulatory
requirements.
Richard Reynolds, project director Number Portability & Carrier
Selection of Czech Telecom, said: "We are happy to be associated
with a significant worldwide infrastructure provider such as
Alcatel. They supply us with state of the art products and
services while providing us peace of mind of the backing of a
large multinational company."
Ludwig De Maeyer, President of Alcatel's voice network
activities, added: "This new deal strengthens our position in the
Czech telecommunications market and demonstrates our capacity to
improve our customer's applications portfolio in a short time
period. This deployment will enable Czech Telecom to provide its
customers with the best service in the industry. Czech Telecom
has been a valued partner who continues to be a leader in new
routing services."
Alcatel will provide Czech Telecom with the latest applications
of Services and Number Portability. Alcatel Signaling products
are future proofed and ready for advance future services.
BULL SA: Bull Confirms Strategic Server Direction
--------------------------------------------------
Bull announced today at the Intel Developer Forum in San Jose a
new important step in its strategy to develop a complete
portfolio of Intel® Itanium® 2-based systems, with the planned
adoption of the Intel Server Platform SR870BN4platform as part of
its core product offering.
The Intel SR870BN4, a 4-way capable server platform based on the
Intel Itanium 2 processor, will be included in the Bull product
offer. Products are expected to be available in the fourth
quarter of this year. Early shipments of Bull 4-way Itanium 2
servers are already under way at several leading-edge customer
sites.
"Our customers have been expecting the time when demanding
enterprise workloads can be fully supported on high-volume,
standard technologies. With the commercial availability of the
Intel Itanium 2 processor, and our customers will benefit from
the low cost of ownership of such technologies combined with
their breakthrough performance and scalability", said Michel
Guillemet , Chief Technical Officer of Bull.
Today's announcement is another step in Bull's commitment to the
Intel Itanium processor family, and a key element of Bull's
business and technology co-operation with Intel. Earlier this
year, Bull has announced its strategic support of the Intel
Itanium 2 processor, to be utilized on the Windows .NET and Linux
operating systems, as well as on Bull's GCOS mainframe servers.
Bull already presented at IDF Europe in Munich on May 28th a 16-
way prototype derived from its FAME (Flexible Architecture for
Multiple Environments) program, which will eventually result in
the delivery of 8-way, 16-way and 32-way-capable Bull servers.
"Bull has a history of developing and servicing highly demanding
enterprise servers, and with its introduction of servers based on
the Itanium 2 processor, it is bringing even greater performance,
reliability and scalability into its core offering," said Richard
Dracott, group marketing director, Intel Enterprise Platforms
Group.
As the Intel server platform SR870BN4 is based on the Intel E8870
chipset, also selected by Bull to create large-scale servers
under the FAME program. Customers can expect to benefit from a
very coherent product line, with all of its components based on
the same building blocks, further ensuring the lowest TCO.
Bull's 4-way servers based on the Intel Itanium 2 processor will
be available in a variety of configurations, supporting all
versions of the Intel Itanium 2 processor, with speeds of 900 Mhz
and 1Ghz, L3 cache sizes of 1.5 MB and 3 MB, and memory from 512
MB up to 32 GB. With an optimized rack form factor of 4U, as many
as 8 Bull 4-way servers may be stacked in a 36U cabinet. A cost-
optimized packaging will also be available supporting a half-size
19U cabinet.
Initial markets for Bull 4-way servers will be in the areas of
high-performance computing and Internet business applications
such as portals and ERP/CRM implementations.
Bull will also provide a wide array of implementation, deployment
and management services, to enable its customers to seamlessly
create business services leveraging all the benefits of Bull's
server platforms based on the Intel Itanium 2 processor.
Migration services from other environments to Windows and Linux
will also be provided. Such services will be backed by Bull's
competence centers that have been involved for many years in
enterprise-class deployments, specializing in performance
optimization and high availability, as well as by Bull's
Application Solution Centers, created to assist ISVs and software
developers in the port and optimization of their applications on
the Intel Itanium Processor Family.
Bull is an international IT group that specialises in designing,
developing and implementing secure IT infrastructures.
Bull is dedicated to helping customers transform their processes
and infrastructures in order to take full advantage of
information technology to drive their market growth.
To reach this objective, Bull provides a complete offer that
includes not only IT services, from consulting to systems
integration and outsourcing but also the design and development
of infrastructure solutions, with particular emphasis on servers,
storage and secure management software. Bull has gained strong
recognition in the major economic sectors, such as, the public
sector, finance, industry and telecommunications.
(Intel and Itanium are trademarks or registered trademark of
Intel Corporation or its subsidiaries in the United States and
other countries. All registered trade marks are the property of
their respective owners)
CONTACT: Marie-Claude Bessis
Director Corporate & Financial Communication
Group Bull
68 route de Versailles
78434 Louveciennes Cedex - France
Tel: (33) 1 39 66 57 75 - Mobile 33 6 07 24 21 70
E-mail: marie-claude.bessis@bull.net
BULL SA: Bull Evidian Adds Ubizen to Web Security Resellers
-----------------------------------------------------------
Bull Evidian, the secure management software subsidiary of Bull,
and Ubizen®, the principal provider of Managed Security Solutions
for global businesses, today announced that Bull Evidian has
added Ubizen to its list of web security resellers.
Ubizen will offer Bull Evidian's PortalXpert web security
software and SafeKit business continuity software as part of
their worldwide Ubizen Professional Services solutions. Ubizen
customers in Europe, the US and Asia will, therefore, benefit
from Bull Evidian's plug & play web access control, single sign-
on, load balancing, failover and file replication software to
centrally manage access and assure business continuity for all
kinds of web applications across the extended enterprise.
Since 1997, Ubizen has been earning the trust of large global
enterprises. Ubizen OnlineGuardian® managed services deliver
proactive, worldwide, 24x7x365 services and include the
management, monitoring and support of critical network and
application-level security components, backed by rigorous Service
Level Agreements (SLAs). Ubizen OnlineGuardian services support
best-of-breed firewalls, network intrusion detection systems
(NIDS) and virtual private networks (VPNs), and are scalable from
one to thousands of devices. Ubizen also provides security
Professional Services. With extensive security knowledge and
technology, Ubizen helps organizations enhance their security
posture, while reducing costs and freeing valuable IT resources
to focus on other business.
Leveraging Bull Evidian's long-term award-winning expertise in
security software, PortalXpert and SafeKit address among today's
first concerns in web security : access complexity and service
failures across the complete business chain, which result in
decreased protection levels and lower productivity and business
results. Providing a single point of management for access to
applications and resources, PortalXpert offers universal, secure
and instant web SSO, helping enterprise to build secure and
productive B2E, B2B and B2C infrastructures, at low cost. SafeKit
bundles uniquely simple and cost-effective load balancing,
failover and file replication software that can be adapted to all
kinds of applications. As a result, Safekit helps enterprises
enable 24x7 availability, increased performance and disaster
protection for their entire application chain.
"Our customers are looking for strong web security solutions to
safely and rapidly take their businesses online and compete in
the Net Economy," said Jan Verbeke, Ubizen EVP, Professional
Services. "We chose Bull Evidian's software because of its
capacity to offer instant access control, single sign-on and
business continuity for the entire web business chain, with truly
plug & play deployment. These solutions are an important added
value to Ubizen's Professional Services portfolio and allow us to
offer our clients even more complete, cost-effective security
solutions and services."
More information about portalxpert and safekit (specsheet, white
paper) are available at www.evidian.com/portalXpert.
Ubizen is the principal provider of Managed Security Solutions
for global businesses. Companies rely on Ubizen OnlineGuardian®
services for outsourced management, monitoring and support of
enterprise security devices 24x7x365. A Professional Services
team complements Ubizen OnlineGuardian managed services by
helping enterprises plan and implement vulnerability assessments,
security policies and security infrastructures. Ubizen also
protects Web servers against application-level attacks such as
Nimda and Code Redwith Ubizen DMZ/Shield™ Enterprise. Founded in
1995, Ubizen monitors 2000 security devices in over 35 countries
worldwide. Ubizen (www.ubizen.com) is a public company with dual
listings on Nasdaq Europe (UBIZ) and the Euronext (UBI) exchange.
Evidian is Bull's secure e-business management software
subsidiary. With a reputation resulting from the confidence of
some of the largest European enterprises and government
organizations, Bull Evidian is a leading player in security
software, with AccessMaster for access control and management,
PortalXpert for web and portal access control, the NetWall
firewall, and SafeKit load balancing and failover software. Bull
Evidian is also an important player in service management, with
its OpenMaster and OpenMaster for Telecom software suites.
More information on Evidian and its products is available at
www.evidian.com or via email at info@evidian.com. More
information on Bull is available at www.bull.com.
CONTACT: Marie-Claude Bessis
Director Corporate & Financial Communication
Group Bull
68 route de Versailles
78434 Louveciennes Cedex - France
Tel: (33) 1 39 66 57 75 - Mobile 33 6 07 24 21 7O
E-mail: marie-claude.bessis@bull.net
BULL SA: Alstom Technology Cmf Deploys Bull-Evidian Portalxpert
-----------------------------------------------------------------
Bull announced that its Bull-Evidian PortalXpert software has
been chosen by ALSTOM Technology CMF (Center of Meudon) to secure
its intranet and extranet online applications.
ALSTOM technology CMF is dedicated to provide control and
operation products - including processes and methodologies - to
ALSTOM internal entities and external subcontractors all over the
world. To better serve its users, ALSTOM technology CMF needed to
set up a secure infrastructure to share its knowledge based
applications online. These applications notably include an
industrial development methodology document portal, an online
helpdesk application with trouble ticketing and workflow, and web
mail. In addition, ALSTOM technology CMF wanted to include
calendar, time and travel expenses management applications to its
portal.
To make these online services a success, ALSTOM technology CMF
wanted to make them both secure and user friendly, with
personalized access control and single sign-on. For rapid time to
value, the web portal security solution had also to be 'plug and
play', require no modification of the applications and the LDAP
directory schema, and enable rapid deployment.
To meet these expectations, Bull proposed PortalXpert, a software
providing a single point of management for web security. Acting
as a gateway between users and web-enabled resources, PortalXpert
keeps inconsistent security policies from being dispersed across
heterogeneous web sites and applications. It provides all users -
employees and partners - with personalized access to all the web
applications and data they need, and offers single-sign-on,
encryption and audit. Unlike other solutions on the market, which
would have required specific developments for each application -
PortalXpert provided a truly plug-and-play architecture. As a
result, the ALSTOM Technology CMF web portal security was
deployed "instantly", without requiring any change on existing
applications and on the LDAP directory.
ALSTOM employees worldwide can now benefit from ALSTOM technology
CMF expertise in methodology and data concerning their products.
Partners and subcontractors can also securely share on-line
ALSTOM technology CMF processes and product life-cycle.
"Thanks to its non-intrusive architecture, its LDAP plug-in to
Lotus Notes and its easy-to-use access control management, we
have been able to implement AccessMaster PortalXpert within three
days, providing security and single sign-on for both IBM
WebSphere, BEA Weblogic applications and Lotus Notes Domino web
mail. Now, it allows us to manage securely access to our critical
data and increase easily the number of portal users, whether
employees and partners." said Alain Durand, IT Manager at ALSTOM
Technology CMF.
CONTACT: Marie-Claude Bessis
Director Corporate & Financial Communication
Group Bull
68 route de Versailles - 78434 Louveciennes Cedex -
France
Tel: (33) 1 39 66 57 75
Mobile 33 6 07 24 21 7O
E-mail: marie-claude.bessis@bull.net
NORTEL NETWORKS: Introduces SSL-based Secure Extranets
------------------------------------------------------
Nortel Networks introduced technology to position companies to
simply and cost-effectively provide secure application access to
traveling employees, telecommuters, business partners and
customers.
A critical component of Nortel Networks Unified Security
Architecture announced separately today, this new technology uses
the secure sockets layer (SSL) capabilities embedded in Internet
browsers to give remote users simple and secure access to
enterprise applications like e-mail and calendaring; file
transfer; native Web applications; enterprise application
portals; and legacy applications that require secure access.
"Building on the success of our Alteon* SSL accelerator
appliance, we are providing secure, seamless connections that can
be established from virtually any end device that supports a Web
browser," said Atul Bhatnagar, vice president and general
manager, Ethernet Switching, Nortel Networks.
"This can be especially critical for companies with a mobile
workforce or business partners that require access to
applications from geographically dispersed locations or third-
party network environments," Bhatnagar said. "SSL extranets
provide convenience – trusted users can share information from
Internet kiosks or across multiple networks– enabling time-
sensitive, critical information to be shared securely."
Nortel Networks Alteon SSL 410 creates SSL extranets by managing
user SSL sessions and proxy applications, and offers a cost-
effective alternative to traditional IP VPNs. By securing only
the application layer, end user devices need not be equipped with
the VPN client that enables secure access to the entire corporate
network. Also, disruption of data center operations associated
with deploying security capabilities is minimized with deployment
of 'plug-and-play' Alteon SSL accelerator appliances.
"We believe Alteon SSL 410 has the feature set and performance
capabilities to allow us the level of security we require in our
data center environment without adding complexity and unnecessary
cost," said Somnath Sarkar, vice president of operations,
Citibank India.
"We are looking forward to evaluating it, based on our experience
with Alteon SSL 310, which has proven to be a critical element of
our optimized data center infrastructure, delivering improved
performance, scalability and cost savings over alternative SSL
solutions," Sarkar said. "We are considering Alteon SSL 410 to
create a secure customer extranet that will enable Citibank India
to offer our online customers more services through their Web
browsers without compromising performance or customer privacy."
Alteon SSL 410 provides end-to-end SSL processing, capable of
supporting 16,000 simultaneous SSL sessions and initiating 2,000
sessions per second with backend encryption. The SSL accelerator
family is extremely scalable, allowing customers to deploy as
much capability as they need when they need it.
"Having already established leadership in the IP VPN space,
Nortel Networks is the first established vendor that has the
necessary experience in this field to bring credibility to the
SSL extranet market," said Dave Kosiur, senior analyst, The
Burton Group. "Given the complementary aspects of SSL extranets
and IP VPNs, the company has a very cohesive solution that will
go far in enabling their enterprise customers to determine how
they can best secure their critical traffic."
"Companies are looking for ways to simplify their VPN deployments
and this initiative certainly furthers their options," Kosiur
said. "The net result will be greater security and the greater
business flexibility and productivity afforded by secure
communications."
Alteon SSL 410 provides user authentication and advanced
filtering functions – for extranet and application access control
– as well as SSL session initiation for remote users. The ability
to consolidate keys and certificates on the appliance provides
ease of management and configuration. Intranet applications can
be translated to work with remote user devices, including
computers, handhelds, Web-enabled cell phones, and personal
digital assistants. Additionally, integrated auditing features
enable Alteon SSL 410 to track usage and manage application
access.
Alteon SSL 410 incorporates Layer 4-7 features like load
balancing, filtering, session persistence and server health
checking. These features, combined with secure application
tunneling, provide end-to-end encryption and optimized
application performance and availability for secure extranets.
Alteon SSL Accelerator appliances offload SSL processing,
including SSL handshakes, key exchanges and encryption/decryption
functions, thus increasing the performance of servers and the
number of clients whose secure and non-secure Web sessions can be
managed simultaneously.
Alteon SSL 410 and 310 can also complement Nortel Networks Alteon
Ethernet switch product line to perform SSL offload functions
before data traffic reaches the application servers. By
terminating and decrypting HTTPS sessions before the data traffic
is introduced to the servers, secure traffic can be inspected and
intelligently switched or redirected to the best application
servers within the data center. This also enables higher-layer
functionality (Layer 4-7) – like content intelligence, load
balancing, traffic shaping, content filtering, URL switching,
cookie switching and personalized services – to be implemented
with each session for both HTTP and HTTPS traffic. This, in turn,
enables high performance for secure, eCommerce Web sites.
Nortel Networks was #1 in the overall global market for dedicated
SSL appliances with a 48 percent market share in the first half
of 2002, according to Infonetics Research. The Alteon SSL
Accelerator line received Network Computing Magazine's Editor's
Choice Award in 2001.
Nortel Networks is an industry leader and innovator focused on
transforming how the world communicates and exchanges
information. The company is supplying its service provider and
enterprise customers with communications technology and
infrastructure to enable value-added IP data, voice and
multimedia services spanning Metro and Enterprise Networks,
Wireless Networks and Optical Networks. As a global company,
Nortel Networks does business in more than 150 countries.
CONTACT: Pat Cooper
Nortel Networks
Tel:408-495-9608
E-mail: pat.cooper@nortelnetworks.com
Giorgia Casnedi
Nortel Networks
Tel:+44 (0) 1628 43 3117
E-mail: casnedi@nortelnetworks.com
NORTEL NETWORKS: Extends Secure Routing Technology on Contivity
---------------------------------------------------------------
Nortel Networks (http://www.nortelnetworks.com)announced the
second phase of Secure Routing Technology (SRT) on Contivity,
expanding its IP (Internet Protocol) security portfolio into key
enterprise applications like wireless local area networks and
voice over IP.
This builds on the IP security and advanced routing services
announced with SRT in May 2002, while continuing to provide
secure, high-performance network components.
"The flexibility to implement the services we require when we
need them has enabled us to provide a meaningful network
evolution path that bypasses the pitfalls of the solutions of
other equipment manufacturers," said S.W. Lee, senior manager,
Network Planning Division, Korea Telecom, which has deployed
Contivity Secure IP Services Gateway platforms in its network.
"Rather than having to hedge our plans to incorporate the best
performing technology when it becomes available, the Contivity
products from Nortel Networks allow us to implement the services
we need or know we will need," Lee said. "Bundling the disparate
services and features has enabled us to improve our
infrastructure in accordance with our plans dynamically as the
business conditions require."
The latest Contivity software – release 4.7 – enables Contivity
IP Services Gateways to be deployed as access routers that can be
equipped with other IP service functions. This will position
customers to provide for the full spectrum of data traffic
requirements that may be required in the future without having to
pay for those IP capabilities until needed. Additional IP
capabilities can be implemented when needed without network
downtime or 'forklift' upgrades.
Because of the versatility of Contivity, enterprise customers
will be able to extend secure IP services into critical
applications that have previously proven difficult to defend.
"The flexibility of the SRT solution allows our customers to
deploy a state-of-the-art infrastructure that is designed to
evolve seamlessly and become more capable as their business
grows," said Oscar Rodriguez, president, Intelligent Internet,
Nortel Networks. "This initiative is the first in the industry
that provides the components to secure the entire information
technology infrastructure, including data, voice and wireless
applications."
SRT on Contivity is designed to secure all types of IP services,
including:
Converged services – Relying on Nortel Networks experience in
providing voice over IP and wireless solutions, the
infrastructure security offered by SRT on Contivity has been
extended to support key IP telephony products like Nortel
Networks Meridian* PBX and Business Communications Manager, both
of which provide converged voice and data services as well as
wireless.
Voice services – Voice over IP packets can be afforded the same
security as traditional data traffic. But without critical
services like bandwidth management and quality of service,
latency issues have the potential to disrupt voice over IP
implementations. Contivity IP Services Gateways provide the means
to obviate latency problems while applying iron clad security
measures.
Wireless services – Contivity IP Services Gateway is designed to
protect wireless networks and wired local area network
applications by establishing the remote connection behind the
access point to create a secure, wireless tunnel to the end user.
In addition, integrated firewall provisioning capabilities keep
unauthorized users off of wireless networks.
Frame Relay services – Beyond IP, the new Contivity router also
supports Frame Relay, critical for companies seeking to upgrade
their existing network infrastructures. This will position
carriers and enterprises with large Frame Relay networks to
deploy the industry's first Secure IP Services-enabled Frame
Relay Access Device, driving reduced costs for service deployment
and offering a flexible migration path for Frame Relay users.
VPN services –In the new Contivity IP Services Gateway, routers
are embedded virtual private network (VPN) 'tunnels' that can be
activated at any time.
In addition to VPNs, Contivity routers are able to provide
integrated firewalls to protect the network from external
threats. Bundled capabilities include: higher-level functionality
for traffic management, such as support for the Open Shortest
Path First protocol; Virtual Router Redundancy Protocol; and
bandwidth management.
New Contivity IP Services Gateways tailored to the size and
requirements of customers are currently available. All are IP
services enabled, and come with bundled VPNs and stateful
firewalls, as well as advanced routing capabilities.
Additionally, Contivity Quick Start tool enables a customer to
configure a single Contivity IP Services Gateway, which then
automatically configures other IP Services Gateways in the data
infrastructure.
Contivity 1000 provides cost-effective clear text and secure
routing for small offices and home offices. Contivity 1000 is
equipped with five VPN tunnels, and can be enabled to support up
to 30 VPN tunnels. Contivity 1700, also equipped with five pre-
integrated VPN tunnels, can be upgraded to support up to 500 VPN
tunnels per device, and is targeted at the medium branch office
market. Contivity 2700, built to serve the traffic requirements
of large branch offices, natively supports up to 2,000 VPNs.
Nortel Networks was the leader in several categories for the VPN
market in 2001, according to Gartner Dataquest.** Nortel Networks
led in Dedicated IP-VPN equipment with a 22-percent market share;
Total ICSA-Certified IP-VPN equipment with 34.2 percent; and
Enabled IP-VPN equipment with 48.1 percent. Nortel Networks also
led the IP VPN Carrier End-User market for 2001 with a 43.8
percent share, and tied for the top spot in the IP VPN Enterprise
End-User market with 18.8 percent.
Nortel Networks is an industry leader and innovator focused on
transforming how the world communicates and exchanges
information. The company is supplying its service provider and
enterprise customers with communications technology and
infrastructure to enable value-added IP data, voice and
multimedia services spanning Metro and Enterprise Networks,
Wireless Networks and Optical Networks. As a global company,
Nortel Networks does business in more than 150 countries.
CONTACT: Pat Cooper
Nortel Networks
Tel: 408-495-9608
E-mail: pat.cooper@nortelnetworks.com
Giorgia Casnedi
Nortel Networks
Tel: +44 (0) 1628 43 3117
E-mail: casnedi@nortelnetworks.com
NORTEL NETWORKS: Introduces New Framework to Secure Networks
------------------------------------------------------------
Nortel Networks (http://www.nortelnetworks.com)unveiled the
industry's first holistic approach to securing the entire
information technology infrastructure, including telephony, voice
over IP (Internet Protocol), data and converged networks.
Called Nortel Networks Unified Security Architecture, this new
approach provides a comprehensive set of technologies and
planning tools to help chief information officers, network
planners and network operators make informed decisions regarding
the applications they require.
Nortel Networks also announced today new products that support
this architecture, including Nortel Networks Alteon* SSL 410 for
SSL extranets and Nortel Networks Contivity* Secure IP Services
Gateways for clear-text routing.
"Nortel Networks has the relevant experience and expertise to
secure all aspects of a unified voice and data network
infrastructure," said Oscar Rodriguez, president, Intelligent
Internet, Nortel Networks. "Unified Security Architecture enables
customers to provide the right protection based on individual
company needs."
"We recognize that security threats cross all boundaries,
including telephone switching equipment, clients, applications,
network nodes, and management systems," Rodriguez said. "Unified
Security Architecture provides the means to protect each of these
areas without impacting network performance."
"It is imperative that organizations take a comprehensive
approach to information security," said Mark Bouchard, senior
program director, META Group. "This means giving consideration to
security on an end-to-end basis at all layers of the complete
communications infrastructure. This includes authentication of
users and clients as well as host and application platforms. In
addition, all business communications should be taken into
account, including both voice and data. The components of the
infrastructure likewise should benefit from the full range of
security services, including protection, detection, and response.
We encourage our customers to leverage frameworks and
architectures that embody these principles to assist them in
meeting their information security objectives."
Part of Nortel Networks overall enterprise strategy, Unified
Security Architecture promotes secure convergence and
infrastructure simplicity. Its influence is not confined to
technological solutions, but rather takes into consideration
every aspect of the business plans and requirements of enterprise
customers to provide solutions that can be implemented to best
serve their business cases.
Unified Security Architecture offers a prescriptive guide that
addresses each of the many layers of communications
infrastructure security. It is predicated on supplying the secure
building blocks that comprise the infrastructure, instead of
deploying platforms that lack pre-integrated security measures.
This way, each component of the infrastructure will be compliant
with the overall security policy of the architecture. With
security functionality built in up front, this approach to
platform development – securing each of the discrete elements of
the overall communications infrastructure – is called 'Security
in the DNA,' and is designed to create an infrastructure in which
networks do not experience performance trade-offs for increased
security.
The layered approach of Unified Security Architecture is designed
to allow companies to develop customized security solutions,
providing flexible, scalable security across network, application
and management levels.
Unified Security Architecture protects each of the different
layers of the communications infrastructure, including:
Network security, which involves securing the ingress and egress
points of the network and authenticating users and data. This
aspect provides the first layer of infrastructure defense through
traffic management and inspection devices, such as Ethernet
switches, and routers with advanced functionality that can
perform packet inspection. Nortel Networks Passport* 8600 and
Nortel Networks BayStack* Ethernet switching products provide
this capability.
Network-assisted security functions, which enable security
services to be customized to perform more thorough packet
inspection of data traffic to detect security threats. Virtual
private networks (VPNs) and devices that provide encryption, for
example, serve this function. Network-assisted security is
afforded via Nortel Networks Shasta* 5000 Broadband Service Node,
Nortel Networks Contivity Secure IP Services Gateways, and Nortel
Networks Alteon Switched Firewall portfolio.
Application layer security, which is especially critical for
networks that must support remote users, and for traveling
employees that must access data outside of the network perimeter.
Alteon SSL Accelerator and the Alteon family of Web switches
provide content filtering via Layer 4-7 switches, caches and
other devices that provide support for SSL, and other network-
supported protocols provide the second tier of network defense.
Secure access management, which should provide authentication for
users with preset profiles. Access management may be employed to
assign users specific network privileges and may segregate those
privileges by user and resource. Nortel Networks Optivity* suite
of Enterprise Network Management Solutions provides security
policy management, as well as secure access and network
management security.
Security policy management, which ensures that the business
objectives of the enterprise take primacy in the design of their
communications infrastructure, and that all objectives relate to
securely serving the intended purpose of the network in a
meaningful way – increasing employee productivity and enabling
communications among stakeholders in a manner that supports
business goals.
Network management, which encompasses control of the network and
must be securely integrated to ensure network administrators are
the only ones able to effect network configurations.
Unified Security Architecture is supported by key platforms with
security measures built in that provide the building blocks to
create a secure infrastructure. Contivity Secure IP Services
Gateways provide routing platforms that come with pre-integrated
security functions including VPN tunnels, firewall capabilities,
advanced routing and bandwidth management. They can be deployed
as clear text routers and the IP services can be activated by a
software key when needed, thus providing asset protection and
eliminating network downtime and forklift upgrades. Contivity
Secure IP Services Gateways also extend security solutions into
telephony, voice over IP and wireless local area networks.
Nortel Networks also provides access to corporate applications
from outside the company's network without the use of VPNs. E-
mail and Web-based applications can be accessed from virtually
anywhere that a Web browser is available via Alteon 410 for SSL
extranets. SSL extranets can provide security for remote users by
encrypting sensitive data before it is transmitted across the
Internet or other networks. This approach provides convenience
for remote workers, traveling employees and business partners who
need access to corporate intranets but do not require the degree
of granular control afforded by VPNs.
CONTACT: Pat Cooper
Nortel Networks
Tel:408-495-9608
E-mail: pat.cooper@nortelnetworks.com
Giorgia Casnedi
Nortel Networks
Tel: +44 (0) 1628 43 3117
E-mail: casnedi@nortelnetworks.com
VIVENDI: Appoints Rene Penisson Advisor to the Chairman and CEO
---------------------------------------------------------------
Mr. Rene Penisson is appointed Advisor to the Chairman and CEO of
Vivendi Universal (NYSE: V; Paris Bourse: EX FP), with particular
focus on questions related to the company's organization, human
resources and labor relations.
He will also provide advice on these areas to Mr. Andrew Kaslow,
Senior Executive Vice President, Human Resources, as well as to
Mr. Jean-Francois Colin, Senior Executive Vice President, Social
Policies.
This appointment is part of the reorganization sought by Mr.
Jean-Rene Fourtou, Chairman and CEO, and implemented by Vivendi
Universal's senior management.
Mr. Penisson, has a Ph.D. in Engineering. He was previously a
member of the Executive Committee and Vice President of Human
Resources at Rhone-Poulenc, and then Aventis.
CONTACT: Vivendi Universal
Paris:
Alain Delrieu, +33 1 71 71 10 86
Antoine Lefort, +33 1 71 71 11 80
or
New York:
Anita Larsen, 212/572-1118
Mia Carbonell, 212/572-7556
=============
G E R M A N Y
=============
ADVANCED MEDIEN: Supervisory Board Member Announces Resignation
----------------------------------------------------------------
Werner Wirsing-Lüke, member of the supervisory board of Advanced
Medien AG, on September 24 informed the company of his immediate
resignation from the supervisory board for good cause. In close
coordination with the major shareholders, the company will
therefore shortly submit a proposal to the competent registration
judge regarding a new member to be appointed to the supervisory
board.
CONTACT: Susanne Rehm
Investor Relations
Keltenring II
82041 Oberhaching
E-mail: info@advanced-medien.de
Website: http://www.advanced-medien.de
DEUTSCHE TELEKOM: Sale Will Raise EUR 2.5BB, Says Liberty Media
----------------------------------------------------------------
Phone company Deutsche Telekom AG is likely to receive about half
of the price it offered last year for its six cable television
systems, Bloomberg reports citing an executive at Liberty Media
Corp.
Europe's biggest phone company is unloading its cable systems and
other assets to trim a EUR64.2 billion debt.
Colorado-based Liberty Media is leading private equity investors
Blackstone Partners and New York-based Apollo in bidding for the
systems. Regulators blocked the company's offer of EUR5.5 billion
(US$5.4 billion) for the assets last year. The American company
is looking for acquisitions throughout Europe.
In an August report, TCR-Europe said, final bids from the six
bidders on the shortlist are will be revealed on September 30.
An offer at least 2.5 billion is expected from the bidders.
Other investors on the shortlist reportedly include Goldman Sachs
and Primera team, Providence Equity together with Apax Partners
and London-based CVC Capital Partners with Warburg Pincus. Hicks
Muse Tate & Furst and BC Partners are bidding individually.
KIRCHMEDIA: Creditors Approve Sale of Assets by Parts
-----------------------------------------------------
Creditors of KirchMedia have approved the conglomerate's plan to
sell its assets by parts instead of as a whole as originally
planned, Europemedia reports.
According to the report, the objective of the break-up sale is to
unlock the broadcasting rights to the 2006 World Cup, held by the
group's Sport Division. The Sports unit also holds the rights to
the German Bundesliga, premiere football division.
KirchMedia acquired the rights to the 2002 and 2006 soccer World
cups for CHF2.8 billion (US$1.9 billion).
In a previous report, KirchSport GmbH's management disclosed it
is organizing a bidding team led by French investor Louis-Dreyfus
for the KirchMedia GmbH unit that holds the rights to the soccer
World Cup.
The conglomerate is trying to find one buyer for its main
business while intending to sell its two largest sports rights
businesses separately. The sports assets include: ISPR, the
rights marketing agency for first and second-division German
football games, and the wholly owned KirchsSport.
KirchSport has more than 80 employees and has sponsoring,
broadcasting and advertising contracts with about 40 European
soccer clubs.
KIRCHMEDIA: ProSiebenSat1 Mulls Full Takeover of Kirch Intermedia
-----------------------------------------------------------------
ProSiebenSat1, the broadcaster whose 52.5% ownership is being
sold by KirchMedia, wants to launch a full takeover of
KirchMedia's online business, according to AFX.
According to a ProSieben spokeswoman, Germany's largest
commercial television group express intention to raise its 49.9%
holding in Kirch Intermedia.
KirchMedia owns 30.1% of Kirch Intermedia, wand KirchPay holds
the remaining 20%. Focus Money magazine estimated the assets to
"several hundred thousand euro."
Kirch Intermedia owns a majority in Germany's largest internet
sports site, Sport1, a stake in the wetter.com site, and the news
agency ddp, Focus Money said.
A consortium of Axel Springer Verlag AG, Bauer Verlag KG and HVG
Group AG is reportedly joining the bid for the broadcaster,
together with KirchMedia's film rights library. The assets are
valued at EUR1.57-1.97 billion.
The group will compete for the asset with Commerzbank AG and Sony
Corp. unit Columbia TriStar; French television group Television
Francaise 1 SA (F.TFF) and U.S. media tycoon Haim Saban.
MAN AG: Positive Half-time Summary From MAN Nutzfahrzeuge
---------------------------------------------------------
After four days at the show there is a pleasing balance for the IAA
Commercial Vehicles in Hanover. The expected 200,000 visitors for
the entire show (i.e. about 100,000 at the halfway mark) was well
exceeded – the total was around 140,000.
At the MAN Nutzfahrzeuge stand in Hall 12 there was a large
influx of specialist visitors right from the start and of
commercial vehicle enthusiasts at the weekend. The visitors were
impressed by MAN's inviting, elegant stand with its many
technical attractions, the trucks and buses and the show acts in
the central MAN tower.
The centrepiece of the product innovations is the now complete
Trucknology Generation TGA heavy truck range with on-road and
construction-site vehicles and special designs for a wide variety
of applications. Attention should be paid particularly to the
optimised-weight TGA-TS semitrailer tractor for tank and silo
transport with a dead weight of 6,150 kg and a payload capacity
of over 28 t for a permissible gross vehicle weight of 40 t. A
further attraction at MAN Nutzfahrzeuge is the TGA 41.660 heavy-
duty tractor with four axles and a 660 hp V10 turbodiesel for a
possible gross vehicle weight of 250 t.
The new common-rail diesel engines with 530/480 hp in the 12
litre class and 280/326 hp in the 6.9 litre category comply in
full with the Euro 3 regulations on exhaust-gas emissions, run
more quietly than their predecessors with control-slide injection
pumps and are also lower on fuel consumption. In the course of
2003 the entire engine range will be changed over to common rail.
A much admired world first is the PriTarder® brake system
integrated in the engine. The water pump and water retarder form
a compact, space-saving unit that nestles up to the engine. It
permits safe downhill travelling and, together with the engine
brake, forms the PriTarder brake system. It combines high
retardation with low weight. The cutaway PriTarder® on show was
surrounded by visitors every day and is practically the talk of
the show.
The new TeleMatic services from MAN Nutzfahrzeuge with
attractive, cost-saving offers for the fleet by means of radical
examination of all cost factors and tapping the rationalisation
potential found also attracted great attention. Advisory meetings
with 45 customers representing a total of 2,340 vehicles were
held in the first few days of the show.
At the first used-vehicle auction on the MAN stand 95 trucks and
semitrailers from MAN Nutzfahrzeuge's stocks with a value of €2.1
million were sold off. The auction also marked the launch of a
central sales concept for used vehicles in Europe under the new
label "MAN Diesel".
Among the buses and coaches from MAN Nutzfahrzeuge and Neoplan
some attractive new models based on uniform platform strategies
are on show. The MAN Lion's Star and Lion's Coach coaches and the
Neoplan X-Liner are based on the same frame and running gear and
feature common development-intensive systems and components. The
bodywork, however, is brand-specific and tailored to the
different requirements of MAN Nutzfahrzeuge and Neoplan
customers.
CONTACT: Investor Relations
Ulf Steinborn
Tel:(+49-89) 36098-334
Fax: (+49-89) 36098-68325
E-mail: investor.relations@ag.man.de
MAN Aktiengesellschaft
Department FIR
Ungererstraße 69
D-80805 Munich
P.O.B. 40 13 47
D-80713 Munich
=========
I T A L Y
=========
AVERY WEIGH-TRONIX: Reaches Restructuring Agreement With Lenders
----------------------------------------------------------------
Current Owners led by Berkshire Partners to Invest Additional $25
Million: Total Debt Reduction of Approximately $125 Million
Weigh-Tronix, LLC (together with its subsidiaries, "Avery Weigh-
Tronix" or the), today announced it has reached a restructuring
agreement with its senior bank lenders and the holders of 93.205%
of its outstanding Pound Sterling 100 million of 12.5% Senior
Subordinated Notes due 2010 (the "Notes"). In connection with
this agreement, the Company also announced that it will commence
an exchange offer for all of the Notes.
The Company, its senior lenders and the noteholders agreed to a
comprehensive restructuring of the Company's balance sheet, which
will result in a reduction of approximately $125 million of debt.
The terms of the agreement include a $25 million investment by
the existing owners led by Berkshire Partners, a Boston-based
private equity firm. The existing equity holders' investment will
be used to reduce senior secured bank debt. In exchange, the
existing equity holders will receive approximately 57.3% of the
post-restructured equity, before dilution for management options
and the warrants issued in the Exchange Offer. The agreement with
senior lenders will also include, among other things, amendments
to all existing financial covenants.
With respect to the exchange offer, the Company is offering to
exchange for each Pound Sterling 1,000 face amount of Notes
approximately 42.7 shares of Common Stock of the post-
restructured equity, which represents, in aggregate, a 42.7%
equity interest before dilution for management options and the
warrants issued in the Exchange Offer (assuming 100%
participation by holders of the Notes), and warrants to purchase
additional shares, representing approximately 10.0% of the post-
restructured equity at a strike price of $4.36 per share (subject
to adjustment based on percentage of tendered notes). The
warrants have a five-year maturity. All claims related to the
exchanged Notes, including accrued and unpaid interest, will be
cancelled.
Gerald Bowe, the Chief Executive Officer of Avery Weigh-Tronix,
stated: "We are delighted that we have reached an agreement with
our financial constituencies. The agreement is the final stage of
our operational and financial turnaround. With this new capital
structure, our diverse line of superior retail and industrial
products and services and internationally recognized brand names
should allow us to operate profitably in today's challenging
environment and to capitalize on growth opportunities. Our other
primary constituencies, namely our employees, suppliers and
customers, have been patient and loyal throughout this long
process. Completion of the financial restructuring will allow our
employees around the globe to focus all of their considerable
talents and energies on satisfying our current and future
customers. "
Houlihan Lokey Howard & Zukin Capital, an international
investment bank, served as financial advisor to the Company and
led the restructuring negotiations. The Carl Marks Consulting
Group LLC also acted as financial advisors to the company. The
noteholders were advised by Talbot Hughes, LLP, a London based
financial restructuring firm.
The Company intends to initiate the Exchange Offer on September
24, 2002. The exchange offer is would expire October 22, 2002.
Holders must tender their Notes prior to the expiration date in
order to receive the exchange offer consideration.
The complete terms of the exchange offer will be contained in the
Company's Exchange Offer and Consent Solicitation. The Company's
memorandum relating to the exchange offer will contain important
information about the Company, the exchange offer and related
matters. Noteholders and other interested parties are encouraged
to carefully read these documents for information regarding these
matters. The memorandum, the related letter of transmittal and
certain other documents related to the exchange offer and the
memorandum will be made
Avery Weigh-Tronix is a leading manufacturer, marketer and
servicer of industrial and retail weighing systems. The Company
markets and sells its products in over 60 countries under
established brand names, including Avery Berkel, Salter Brecknell
and Weigh-Tronix.
Certain matters discussed in this press release are subject to
certain risks and uncertainties that could cause actual results
to differ materially, including, but not limited to general and
regional economic conditions, industry trends, merchandise
trends, vendor relationships, customer demand, and competition."
CONTACT: Weigh-Tronics, LLC
Gerald Bowe, 011-44-121-568-1205
or
Berkshire Partners
Randy Peeler, 617/227-0050
===========
S W E D E N
===========
SONG NETWORKS: On Track to Reach EBITDA Break-Even
--------------------------------------------------
Song Networks Holding AB (http://www.songnetworks.net)announced
that the third quarter is developing well and according to
forecast. As part of the overall restructuring program, the
Company also launches a cost savings program to ensure that the
Company reaches its forecasted results.
"Based on our third quarter performance, I am pleased to announce
that the business is developing according to plan. Our third
quarter will be stronger than our second quarter. We are today
starting to execute on a cost saving program bringing our overall
SG&A level down approximately 15% to SEK 230 million per quarter
in the first quarter of next year", says Tomas Franzén, CEO Song
Networks.
The Company is expecting full year revenues of SEK 2.3-2.4
billion (USD 250-260 million) for 2002 and EBITDA break-even in
the end of the fourth quarter of 2002. As announced in the second
quarter report 2002, the Company has to keep the overall cost
base under tight control and has taken a decision to cut its
sales, general and administration (SG&A) costs to a level of SEK
230 million (USD 25 million) per quarter by the first quarter
2003.
Song Networks today launched the SG&A cost saving program to
ensure the successful fulfilment of the Company's forecast. A
total of approximately 150 employees are made redundant
throughout the organisation. The cost savings program is expected
to generate annual savings of approximately SEK 120-130 million
(USD 13-14 million). The savings are expected to reach full
effect in the first quarter 2003. Restructuring charges are
expected to be approximately SEK 65-75 million (USD 7-8 million),
including reserves for redundant office space. As of September
19, 2002 the Company had SEK 259 million (USD 28 million) in cash
and cash equivalents (including restricted cash) excluding an
unused credit facility of SEK 141 million (USD 15 million). In
addition the Company has sold Net Operating Losses (NOLs) for SEK
150 million (USD 16 million) for which payment is expected in the
end of September. With the now announced savings, the previously
announced restructuring and with present forecast, the Company
expects the funds to be sufficient to fully fund the Company's
business plan.
As part of the overall restructuring and cost savings program,
Song Networks also announced management changes. Tomas Franzén,
CEO of Song Networks Holding AB, will also be taking the position
as Managing Director of the Swedish subsidiary, Song Networks
Svenska AB, with effect October 1, 2002. The Executive Vice
President of the Company, Ari-Jussi Knaapila, will also be taking
the position as Managing Director of the Finnish subsidiary. The
present Managing Director of the Swedish subsidiary, Peter
Lövgren, will leave the Swedish subsidiary for a position as
Managing Director or Sun Microsystems and Olli Nuuttila, the
acting Managing Director of Song Networks in Finland, will be
taking up his former position as Sales Director and Deputy
Managing Director of Song Networks in Finland.
At the same time Liia Nõu, CFO at Song Networks Holding AB, has
decided to leave the Company for new challenges as CFO
Scandinavia at GE Capital Bank AB, with effect from October 1,
2002. Liia Nõu has been the CFO of Song Networks Holding AB since
February 2000.
Formerly Tele1 Europe, Song Networks is a data and
telecommunications operator with activities in Sweden, Finland,
Norway and Denmark. The Company´s business concept is to offer
the best broadband solution for data communication, internet and
voice to businesses in the Nordic region. This means that Song
Networks supplies communication solutions that are attractively
customized for each corporate customer. Song Networks is
currently the only pan Nordic operator investing in local access
networks with broadband capacity. The Company has built local
access networks in the largest cities in the Nordic region. The
access networks, which are linked by a long-distance network is
one of the fastest data and internet super-highways in Europe,
with an initial capacity for customers of up to one gigabit. The
Company was founded in 1995 in Sweden and has approximately 1,000
employees. The head office is located in Stockholm and there are
an additional 34 offices located in the Nordic region.
CONTACT: Song Networks Holding AB
Tomas Franzén, CEO
Phone: +46 8 5631 0111
Mobile: +46 701 810 111
E-mail:tomas.franzen@songnetworks.net
Jenny Moquist, Investor Relation Manager
Phone: +46 8 5631 0219
Mobile: +46 701 810 219
E-mail: jenny.moquist@songnetworks.net
=====================
S W I T Z E R L A N D
=====================
SWISS DAIRY FOOD: Government to the Rescue With CHF70 Million
-------------------------------------------------------------
Swiss Dairy Food was placed under bankruptcy protection under a
salvage deal agreed with banks and the Swiss government, Agence
France-Presse reports.
Under the agreement, the Swiss government will spend CHF70
million (EUR47.8 million) to cover 80% of direct payments to
farmers for milk supplied to Swiss Dairy Food. About 7,000
farmers supply the dairy company.
Creditor banks will also contribute CHF89 million to ensure
continued operation.
The dairy producer's factories in Gossau and Lausanne are soon to
be closed. A court-appointed administrator is also soon to seek
a takeover of plants in Liucens and Thun.
Switzerland's second largest dairy producer has been hit by a
sharp fall in prices on European markets since the beginning of
the year. It also accumulated milk surpluses as a result of a
drop in consumption.
Swiss Dairy Food, which employs 1,500 people, plans to retain
two-thirds of jobs by selling more profitable assets of the
business.
SWISS LIFE: Divests Share in Cable Car Company
----------------------------------------------
Life insurance company, Swiss Life, has sold its stake in Swiss
cable-car company Jungfraubahn Holdng AG to regional bank, Berner
Kantonalbank, and energy company BNK FMB Energie AG, according to
Dow Jones.
Jungfraubahn disclosed to Dow Jones the sell-off of the insurer's
27% stake in the company without disclosing the price.
Swiss Life recently posted a 2002 first half loss of CHF386
million. The insurer alarmed investors by delaying to produce
details of a huge share issue. The firm's need for fresh funds
worried investors that there may be gaps in the company's
finances.
The insurer also recently announced its intension to refocus its
operation to core life insurance. The move will entail trimming
another 700 positions within the Group as a whole by the end of
2004, says Swiss Life in a statement.
CONTACT: SWISS LIFE INSURANCE AND PENSION COMPANY
General Guisan-Quai 40
8022 Zurich, Switzerland
Phone: +41-1-284-3311
Fax: +41-1-281-2080
E-mail: info.com@swisslife.ch
Home Page: http://www.swisslife.com
===========================
U N I T E D K I N G D O M
===========================
ANTISOMA: Company Share Option Plan Grants
-------------------------------------------
London, UK, 24 September 2002:
On 23 September 2002, pursuant to Part B of the Antisoma plc
Company Share Option Plan, Antisoma plc granted options over
ordinary shares of 1 pence each to the following Directors and
senior executives at an exercise price of 12.34 pence per share.
Director Number of options
granted
Glyn Edwards 1,452,074
Raymond Spencer 659,822
Nigel Courtenay-Luck 580,829
Miroslav Ravic 607,779
Bart Wuurman 383,347
Antisoma also granted options over a total of 2,421,510 shares,
pursuant to Part B of the CSOP to other employees at an exercise
price of 12.34 pence. An additional option over 696,905 shares
was also granted on 23 September 2002 to Miroslav Ravic at an
exercise price of 12.34 pence per share following his appointment
as Chief Clinical Officer on 30 August 2002. All of the above
options are subject to performance conditions and are not
ordinarily able to be exercised for a period of three years from
the date of grant.
On 23 September 2002, as a consequence of the Rights Issue
completed on 9 April 2002, Antisoma made certain amendments to
the interests of
Directors and other employees in options to acquire shares in
Antisoma. These amendments, which have been made to options
granted prior to 9 April 2002, are in accordance with the terms
and conditions of the Rights Issue and, in the case of Inland
Revenue approved and Executive Management Incentive options, have
received the relevant approvals of the Inland Revenue. The
options have been adjusted to reflect the bonus element of the
Rights Issue. The exercise price of each of the options,
therefore, has been reduced by approximately eight percent and
the number of shares under each option has been increased by
approximately eight percent. The following table shows the effect
of these adjustments on the terms of options held by Directors
and senior executives; similar adjustments were made to the terms
of options held by other employees.
To view names of directors and their number of shares, refer to
this link: http://bankrupt.com/misc/antisoma2.pdf
CONTACT: Antisoma plc
Raymond Spencer, Chief Financial Officer
Tel: +44 (0)20 8799 8200
Website: http://www.Antisoma.com/
BRITISH ENERGY: Cancels Undrawn Revolving Credit Facilities
-----------------------------------------------------------
British Energy plc announces that it has served notice to cancel
£350m of undrawn revolving credit facilities, which were due to
expire in 2005, as the company no longer expected to utilise
these facilities. The discussions between British Energy and the
UK Government continue and the Company has nothing to add to the
RNS announcement released on 9 September 2002.
CONTACT: BRITISH ENERGY PLC
3 Redwood Crescent, Peel Park
East Kilbride, Strathclyde G74 5PR
United Kingdom
Phone: +44-135-526-2000
Fax: +44-135-556-5656
Home Page: http://www.british-energy.com
BRITISH ENERGY: Government Set to Increase Lifeline
---------------------------------------------------
The British government is set to increase the short-term loan
facility of British Energy, according to The Independent.
Estimates suggest that the EUR410 million loan will be raised to
EUR500 million or more.
Ministers may announce the details of the new loan facility in
the next couple of days, says the report.
The fresh credit is expected to buy the company two to three
months to draft a longer-term restructuring after the previous
loan expires Friday.
According to estimates, the nuclear generator is short of EUR5
million to EUR6 million a week to pay wages and suppliers and
keep its eight nuclear plants in operation.
Despite the increase, Whitehall sources still say that UK's power
company is still on a "short leash".
Talks about the future of British Energy recently swung against
administration.
According to a Financial Times report, the ministers believed the
costs of such move would outweigh the burden to taxpayer.
No final decision has yet been reached, however, says a
government insider.
Sources said that improved flow of information from the company
had eased frustration in the nuclear generator. Government
officials have also been encouraged by the support of
shareholders and bondholders on the restructuring of the company
to avoid administration.
CABLE AND WIRELESS: Extraordinary Meeting Fuels Layoff Rumors
-------------------------------------------------------------
U.K. telecommunications provider Cable and Wireless scheduled an
extraordinary meeting with employee representatives for the next
two to three weeks.
The session, the plans of which were disclosed at a Monday meeting
senior human resources management and employee representatives,
triggered speculations that the company may be planning to trim
its workforce by thousands. The company refused to elaborate on
the nature of the scheduled meeting.
According to the Financial Times, one analyst predicted that the
cuts are likely to hit Cable and Wireless' loss-making data
services and web-hosting business, Global division, and would
affect 2,000 to 3,000 employees.
Cable & Wireless Global unit focuses on the demand for business
data and Internet services, especially in Europe, Japan and the
US.
To see Consolidated profit and loss account:
http://bankrupt.com/misc/CableandWireless.pdf
CONTACT: CABLE AND WIRELESS PLC
124 Theobalds Rd.
London WC1X 8RX, United Kingdom
Phone: +44-20-7315-4000
Fax: +44-20-7315-5000
Home Page: http://www.cwplc.com
CABLE AND WIRELESS: Chief's Position Hangs on Strategic Review
--------------------------------------------------------------
Cable and Wireless chief executive Graham Wallace may face
pressure from shareholders if his strategic review, whose update
is to be released November 13, does not meet expectations, the
Financial Times reports.
The strategic review, which the telecommunications services
provider has promised to be a "root and branch" look at the
business, is expected to be "radical" one with no rooms for
"sacred cows".
The company under Mr. Wallace's administration has already issued
four profits warning in 18 months. There is no immediate threat
for his ouster but pressure is already mounting on the issue of
C&W's push into web-hosting data markets and share price falls,
says the report.
Mr. Wallace banked heavily on growth in data and internet traffic
by investing heavily in C&W Global, its international business
services division.
Cable & Wireless Global unit focuses on the demand for business
data and Internet services, especially in Europe, Japan, and the
US.
Cable & Wireless Regional provides consumer and business telecom
services in 33 countries.
The company has sold its controlling stake in Cable & Wireless
Optus, Australia's no.2 telecom provider, and acquired most of
the assets of Exodus Communications.
CABLE AND WIRELESS: U.S. Data Customers Migrates to New Edge
------------------------------------------------------------
New Edge Networks, a national data communications and business
broadband services provider, announced it has reached an
exclusive agreement to migrate certain U. S. based data
communications customers from Cable & Wireless USA Inc.
(NYSE:CWP).
New Edge Networks will honor existing agreements that Cable &
Wireless has with its data communications customers and agents.
Both companies will closely coordinate efforts, ensuring smooth
and seamless migrations of about 1,500 affected data
communications customers with connections dispersed across the
United States and Canada.
If all affected customers migrate to New Edge Networks, this
transaction could boost New Edge Networks' revenues by up to $45
million a year. The potential aggregate value to Cable & Wireless
is about $4 million.
Under terms of the agreement, New Edge Networks will pay Cable &
Wireless a fee for successful migrations of customers for
dedicated Internet access, frame relay, and private line
services. Cash payments are based on the customers' actual
monthly usage amounts and will be made over 12 months. Migrations
are starting immediately and will be completed by January.
"Cable and Wireless has publicly announced changes in its U. S.
strategy and its management is to be commended for thinking first
of finding safe havens for their customers," said Dan Moffat,
president and CEO of New Edge Networks. "The profiles of these
customers and their data services match our own almost exactly.
This will go a long way for ensuring continuous service for
affected customers. We have become pretty proficient at migrating
customers in the past couple years."
Last May Cable & Wireless announced it would divest certain of
its U. S. retail voice and data communications business.
Affected Cable & Wireless customers will receive letters along
with instructions for initiating, by Oct. 18, the migration of
their data communications and broadband services to New Edge
Networks. Customers that migrate to New Edge Networks will retain
their current Internet protocol addresses and existing premises
equipment. New Edge Networks, in cooperation with Cable &
Wireless will take care of all the details to complete the
migrations.
"One of the first things new customers notice about New Edge
Networks is the high level of personal care and responsiveness
that our employees consistently demonstrate," Moffat said. "We
take our motto of "Better Business Broadband" quite seriously. A
key reason why New Edge Networks continues to grow and thrive in
the face of adversity is our team's ability to focus on our
business broadband customers and execute our plan to exceed our
investors' expectations."
About New Edge Networks
New Edge Networks is a national business class broadband services
provider that owns and operates one of the largest multi-service
data communications networks in the United States. In addition to
providing frame relay, ATM, IP and other advanced data services
nationally, New Edge has one of the largest DSL coverage
footprints for small and midsize cities across the country. The
company also provides dedicated high-speed Internet access in 27
major cites around the country. New Edge Networks offers frame
relay access and gateway products through channel partner
programs or wholesale relationships. It provides a wide variety
of business-class DSL and T-1 solutions through Internet Service
Providers and its own TransEdge brand. Top-tier private venture
firms, global financial institutions and worldwide technology
firms provide financial backing to New Edge Networks. The
company's Web site is www.newedgenetworks.com. Telephone:
360/693-9009.
CONTACT: New Edge Networks
Sal Cinquegrani
Phone: 360/906-9723
847/420-1750 (cell)
E-mail: scinquegrani@newedgenetworks.com
CABLE AND WIRELESS: Announces Pre-close Trading Update
--------------------------------------------------------
Cable and Wireless plc issued its regular pre-close Group trading
update ahead of its six-month period end (30 September 2002). The
Group's half-year results will be announced on 13 November 2002.
All comments relate to the six-month period ending 30 September
2002 unless otherwise stated.
Graham Wallace, Chief Executive, Cable and Wireless plc said:
"Cable & Wireless Global's trading environment continues to be
difficult. Revenue in Cable & Wireless Global (excluding capacity
sales) in the first half is expected to decline by around 6
percent. Operating costs are lower than expected and gross
margins have improved. The resulting EBITDA loss is towards the
bottom of the range indicated in May.
"Actions to improve substantially the profit and cash flow
performance of Cable & Wireless Global are under way and include
the following:
The disposal of the U.S. retail voice customer base announced on 16
September will enable the network and other costs supporting
these customers to be eliminated. The EBITDA loss attributable to
this business in the first half is expected to be around GBP65
million.
Capital expenditure will be further reduced by at least GBP200
million to below GBP450 million for the current financial year.
A review is being undertaken of Cable & Wireless Global's
activities, in light of current market conditions, to ensure
achievement of the target to be free cash flow positive by the
fourth quarter of 2003/04. This review includes further cost and
capital expenditure reductions and the concentration of resources
on those customers and services with the highest current margin
and growth potential.
"Underlying revenue in Cable & Wireless Global in recent months
has stabilised but market conditions remain tough. Our current
strong net cash position of GBP2.2 billion remains a source of
competitive advantage with our corporate customers and we expect
to maintain this net cash level at the half year.
"Cable & Wireless Regional continues to perform well and in line
with expectations."
Cable & Wireless Global
Discontinued US retail voice business
The Group is in the process of exiting its U.S .retail voice
business. This will be treated as a discontinued operation and is
expected to give rise to exceptional cash costs of around GBP200
million to exit the business, plus write-offs of around GBP120
million. This business is expected to contribute revenue of
GBP115 million and an EBITDA loss of GBP65 million in the first
half, which are included within Cable & Wireless Global's revenue
and EBITDA below. There will be further EBITDA losses in the
second half until the exit is completed.
Revenue
Cable & Wireless Global's revenue (excluding capacity sales) is
expected to decline by around 5 percent at constant exchange
rates compared with the second half of last year (6 percent at
actual rates, reflecting the impact of the weakness of the U.S.
dollar). Capacity sales are expected to be around GBP7 million in
the period.
The revenue decline arises principally as a result of reduced
revenue from the U.S .retail voice business, which the Group is in
the process of exiting, and the Service Providers business where
continued pricing pressure in the IP transit market and customers
withdrawing from the carrier market have adversely impacted
performance. Business Markets revenue in the U.K. has also fallen
as a result of a full six months impact of the actions taken last
year to eliminate low margin business.
Revenue from Enterprise customers in the U.K. continues to grow
steadily. A full six-month contribution from the hosting
business, acquired in February 2002, has increased revenues in
hosting and web services.
Gross margins
The gross margin percentage of around 47 percent is in line with
expectations despite continued pricing pressure.
Operating costs
Operating costs are expected to be around GBP900 million, some
GBP50 million lower than the previous guidance as Cable &
Wireless Global continues to cut costs in response to the
difficult trading conditions.
EBITDA
The EBITDA loss (excluding capacity sales margin and the
exceptional charges relating to the discontinued US retail voice
business) is forecast to be around GBP120 million, which is
towards the bottom of our previously indicated range. Some GBP65
million of the forecast loss is attributable to the discontinued
US retail voice business.
Capital expenditure
Cable & Wireless Global's capital expenditure for the first half
is expected to be GBP300 million. Full year capital expenditure
is now expected to be less than GBP450 million, at least GBP200
million lower than the previous guidance.
Cable & Wireless Regional
Cable & Wireless Regional continues to perform well and in line
with our expectations.
Revenue
Revenue on a comparable and constant currency basis is expected
to be around 4 percent above the first half of last year. The
weakness of the U.S. dollar is expected to reduce Cable & Wireless
Regional's reported revenue to around 1 percent below the first
half of last year.
The forecast constant currency growth in revenue is a result of
continued increases in mobile, national voice, internet and data
services, offset in part by declines in international voice
revenue as prices reduce.
EBITDA
EBITDA margin is forecast to be around 40 percent.
Capital expenditure
Capital expenditure for the full year is expected to be less than
GBP300 million.
Group net cash position
Cable & Wireless expects its net cash position at 30 September
2002 to be around GBP2.2 billion (gross cash of around GBP3.9
billion and debt of around GBP1.7 billion).
CONTACT: Investor Relations
Louise Breen
Tel: +44 (0)20 7315 4460
Caroline Stewart
Tel: +44 (0)20 7315 6225
Chris Tyler
Tel: +44 (0)7957 806 062
CABLE AND WIRELESS: Disposes of U.S. Retail Voice Customer Base
---------------------------------------------------------------
Cable & Wireless announces that it has entered into a definitive
agreement to transfer its U.S. retail voice customer base to a
wholly-owned subsidiary of Primus Telecommunications Group, Inc.
("Primus") for an aggregate maximum consideration of US$32
million in cash, payable over approximately two years.
This agreement is subject to approval by relevant regulatory
authorities in the U.S. and successful migration of the customer
base to Primus's network, all of which are expected to occur by
January 2003.
The disposal is part of Cable & Wireless' restructuring of its US
business, announced in its preliminary statement of results in
May 2002. This restructuring will enable the business to focus
fully on enterprise customers and the provision of internet
protocol and hosting services. Further details on the progress of
the restructuring will be included with the interim results in
November 2002.
Cable & Wireless will work with Primus to effect a rapid and
seamless migration of the customer base.
Bear, Stearns & Co. Inc. acted as Cable & Wireless' financial
advisor with respect to this transaction.
CONTACT: Investor Relations
Louise Breen
Tel: +44 (0)20 7315 4460
Caroline Stewart
Tel: +44 (0)20 7315 6225
Chris Tyler
Tel: +44 (0)7957 806 062
CARLTON COMMUNICATIONS: Purchase of Own Shares
----------------------------------------------
Carlton Communications Plc purchased on September 23, 2002 Euro
8,000,000 in nominal amount of its March 2003 Floating Rate Notes
(ISIN XS0134746568). The notes purchased will not be cancelled
and accordingly Euro 150,000,000 of the issue remains
outstanding.
CARLTON COMMUNICATIONS: Announces EUR5 Share Buyback
----------------------------------------------------
Carlton Communications Plc purchased on September 24, 2002 Euro
5,000,000 in nominal amount of its March 2003 Floating Rate Notes
(ISIN XS0134746568). The notes purchased will not be cancelled
and accordingly Euro 150,000,000 of the issue remains
outstanding.
CELLTECH GROUP: Notification of Major Interests in Shares
----------------------------------------------------------
Name of company: Celltech Group plc
Name of shareholder having a major interest: Fidelity
International Limited and its direct and indirect subsidiaries
Name of the registered holder(s) and, if more than one holder,
the number of shares held by each of them:
Chase Nominees 3,714,116
Citibank 84,700
Deutsche Bank 24,700
HSBC 48,114
Bank of New York London 79,500
Chase Nominees 232,100
Nortrust Nominees Ltd 315,000
HSBC Client Holdings Nominee
(UK) Ltd 10,353,223
Chase Manhattan Bank London 2,628
Northern Trust 432,400
JP Morgan 249,611
Bank of New York London 406,600
Morgan Stanley 178,700
Deutsche Bank 72,000
Citibank 21,200
Mellon Nominees Ltd 37,800
State Street Nominees Ltd 134,700
Bank of New York Brussels 120,100
Bank of New York, Brussels 63,141
Number of shares / amount of stock acquired: 2,606,682
Percentage of issued class: 0.94%
Class of security: Ordinary 50p Shares
Date company informed: September 24 2002
Total holding following this notification: 16,570,333
Total percentage holding of issued class following this
notification: 6.01%
Name of contact and telephone number for queries:
Anita Dowling
(01753) 777106
Name and signature of authorised company official responsible for
making this notification:
Anita Dowling
Date of notification: September 24 2002
CONTACT: Dr Peter Fellner
Chief Executive Officer
Telephone:(44) (0) 1753 534655
Richard Bungay
Telephone: (44) (0) 1753 534655
COMPASS GROUP: Appoints Executive Director to Board
---------------------------------------------------
Compass Group PLC announces that Clive Grundy, Human Resources
Director, will be appointed to the PLC Board as an Executive
Director with effect from 1st October 2002.
Clive Grundy joined Compass Group in 1985 initially as human
resources director for the U.K. Division and subsequently held
senior positions in operations and other functions. He took on
Group-wide responsibility for human resources as a member of the
executive management team in 1996.
Francis Mackay, Chairman of Compass Group, commented:
'I am delighted that Clive has been appointed to the Group's Main
Board. Compass Group employs over 360,000 people in 96 countries
and Clive has played a key role improving training and
development, health and safety, community and environmental
issues. We have made huge progress in these areas over recent
years and this Board appointment demonstrates that they are at
the top of our agenda and are vital to the future success of
Compass Group.
'The continued motivation and development of our people is the
key to our future success and Clive's contribution to the
strategic direction of the Group will be very important.'
Compass Group is the world's largest foodservice company with
annual foodservice revenues in excess of £10bn. Compass Group has
over 360,000 employees working in more than 90 countries around
the world providing foodservice and hospitality.
CONTACT: COMPASS GROUP PLC
Cowley House
Guildford Street
Chertsey
Surrey KT16 9BA
United Kingdom
Tel: +44 1932 573 000
Fax: +44 1932 569 956
Web site: http://www.compass-group.com
KINGFISHER: Announces Director Shareholding
-------------------------------------------
Kingfisher plc became aware on 24 September 2002 that certain
Directors of Kingfisher plc, whose names are set out below,
technically became interested on that date in 35,896 Kingfisher
plc ordinary shares of 13.75p each by virtue of the QUEST being
allotted the shares and the Directors being potential
beneficiaries under the QUEST.
Kingfisher plc also became aware on 24 September 2002 that each
of the below-named Directors of Kingfisher plc technically ceased
to be interested on that date in 35,896 Kingfisher plc ordinary
shares of 13.75p each by virtue of the QUEST transferring the
shares to employees.
For Companies Act purposes, certain Directors of Kingfisher plc,
whose names are set out below, together with all employees of the
Company, are deemed to have a technical interest in the shares
held in Kingfisher's QUEST. The interest ceases when shares are
transferred to individuals who exercise their employee sharesave
scheme options.
Directors:
Sir Geoffrey Mulcahy
Mr William Whiting
Mr Ian Cheshire
Ms Helen Weir
M. Jean-Noel Labroue
CONTACT: Catherine Callaghan
Group Share Schemes Manager
Tel: 020 7725 5830
NEWMEDIA SPARK: Results of Annual General Meetings
--------------------------------------------------
The Board announces that at the annual general meeting of
NewMedia SPARK plc on Seprember 24, 20002 all resolutions were
duly passed.
Unfortunately the Separate General Meeting of Warrantholders
failed to achieve the required quorum and will be reconvened as
appropriate.
PACE MICRO TECHNOLOGY: Launches `Free-To-View' Video Recorder
-------------------------------------------------------------
Digital Switch' became even more compelling today as Pace Micro
Technology unveiled the UK's first digital terrestrial personal
video recorder (PVR). The `Twin Digital TV Recorder', expected in
retail just before Christmas, will enhance free-to-air viewing
with new PVR features not previously available on digital
terrestrial.
Pace's new Recorder provides easy access to over 20 free-to-view
digital TV channels (1), including entertainment, news,
information and interactive services. To realise the full
potential from the growing free-to-view channel line-up, Pace has
incorporated not just a hard disk drive, but also twin digital
tuners and a dual decoder into its PVR.
Using the `Twin Digital TV Recorder' that incorporates a 20-
gigabyte hard disk drive, free-to-air TV content can be recorded
at broadcast digital quality, significantly improving the quality
of digital terrestrial programme recording. Viewers can also
pause live TV and fast-forward in digital quality at multiples of
up to 64 times standard speed, rewind at multiples of up to 32
times and watch play-back in slow motion. As new PVR services
become available on the `Twin Digital TV Recorder', they will be
downloaded, keeping `Twin' users up-to-date with the latest in
hard disk benefits.
The twin digital tuners deliver two streams of TV content, which
enable a family to watch two digital programmes independently on
separate TVs. This is good news for the 76% (2) of UK households
with more than one TV who now don't have to buy an extra gateway
or adapter to go fully digital. In addition to PVR recording for
the first time in the U.K., the twin tuners also enable viewers
to record any programme onto their VCR while watching another
digital channel.
(1) Following the launch of Freeview
(2) Source ITC June 2002
Pace Opens Up Whole New World Of Digital Terrestrial TV
The `Twin Digital TV Recorder' comes with an easy to use on-
screen electronic programme guide (EPG), building on the format
used in Pace's popular Digital TV Adapter (DTVA) launched in
March 2002. The Guide incorporates all of the standard DVB `now
and next' programme information, any additional programme
information that is made available and is ready for the extra EPG
information that is expected as part of the Freeview licence
Award. As with the DTVA, the Twin Recorder is easy to install and
does not require an engineer home visit.
"Pace's new `Twin Recorder' marks yet another step forward for
the U.K. free-to-view market," commented Graham North regional
director U.K. and Ireland. "The innovative features and services we
have made possible open up the full potential and value of
digital terrestrial TV. The combination of new channels, extra
features and `plug-and-play' installation will drive more
consumers than ever before to make the switch to digital."
About Twin Digital TV Recorder
Pace's new Twin Digital TV Recorder is scheduled for retail
rollout in the final run up to Christmas 2002. The anticipated
retail price is (pound)349.
About Pace Micro Technology plc
Pace Micro Technology plc (LSE: PIC) is a leader in digital
television technology. The Company's primary focus is the
development of innovative home gateway (set-top box) solutions
for operators, broadcasters, telecommunications companies and
retail markets worldwide. In addition, Pace develops edge of
network devices for service providers, in particular digital IP
voice gateways for low-cost integrated voice and data services.
Pace's head office is in Shipley West Yorkshire, with further
offices in Bracknell, Cambridge, the USA and Hong Kong.
CONTACT: Pace Micro Technology
Helen Kettleborough, +44 1274 538005
E-mail: helen.kettleborough@pace.co.uk
or
Amanda David, +44 1274 537093
E-mail: amanda.david@pace.co.uk
PEARL: Parent Dismisses Shareholder Capital Injection
-----------------------------------------------------
AMP Ltd., Australia's largest insurance company, said it won't
need to inject additional shareholder capital despite pressure
from the London FTSE over the danger of its U.K.-based Pearl life
insurance arm falling below a key 3700-point benchmark, Dow Jones
reports.
The FTSE 100 fell 1.8% to 3671.1 points Tuesday.
Andrew Mohl, acting chief executive following exit of Paul
Batchelor as head of AMP, said, "We are strongly capitalized and
our contingency plan does not require the transfer of shareholder
capital from Australia."
Pearl, the life insurer, and Henderson Global Investors, form
AMP's UK operations. The firm's capital base was badly affected
by falling global equity prices.
Mr. Mohl and the company's managing director of London-based
financial services business, Tom Fraser, met with the U.K.'s
Financial Services Authority on Monday to discuss options to meet
the minimum regulatory capital rules in case conditions in the
equity market worsens.
The group plans to review surrender values of the Pearl fund, as
well s investment strategy and asset mix.
AMP has alloted as much as GBP500 million to prop Pearl's balance
sheet. The amount was estimated based on current variables and
the group promised to adjust the funding to meet changing
circumstances.
TADPOLE TECHNOLOGIES: NTT Procures Magi Enterprise Software
-----------------------------------------------------------
NTT scientists envisage P2P secure collaboration for next
generation wireless devices
Tadpole Technology plc, the mobile computing and network
infrastructure group, announces that NTT Network Service Systems
Laboratories has procured the Magi Enterprise P2P software of its
Endeavors Technology subsidiary for a mobile e-business project.
Scientists at NTT's laboratory are tasked with examining ways to
generate new revenue streams from next generation wireless
devices coming through for the network carrier's global customer
base. Data delivery and automatic billing in e-commerce is one
such project with Magi acting as the secure checking and clearing
agent for credit card payments. Magi-enabled, users of NTT's
wireless products will know that their personal data is
safeguarded by a powerful and secure P2P platform.
'According to 2002 Gartner research, wireless devices will be a
core platform in the multi-billion dollar B2C and B2B Internet
commerce market in the years ahead,' says Bernard Hulme,
Tadpole's group chief executive. 'Tools for the security of
corporate knowledge and personal data will be a springboard to
unlocking wireless demand for entertainment, information and
business services and with Magi, NTT looks to gain market
advantage in the fiercely competitive network provider
environment.'
Note:
1) NTT's Network Service Systems Laboratories promotes both the
construction of service networks that will make it possible to
communicate at anytime with anyone anywhere in the same
environment, and R&D on networks able to support the diverse
information sharing services that will arise with the development
of Internet service. Specific projects include R&D on IP+optical
technology, which will be the core of the next-generation
network; mobile IP technology, which will make nomadic service
possible; advanced-function P2P technology that uses 'semantic
information'; and operations technology that will support future
e-business.
2) Endeavors Technology (www.endeavors.com) is a wholly-owned
subsidiary of mobile computing and network infrastructure vendor
Tadpole Technology plc (www.tadpole.com), which has plants and
offices in Cambridge, Edinburgh, and Bristol (UK), and Irvine and
Carlsbad (California). Endeavors Technology is a leading
developer and vendor of peer-to-peer software for secure cross-
platform device-to-device communication and collaboration.
CONTACT: Bernard Hulme
Tadpole Technology plc
Hugh Paterson
Patcom Media
Tel: 0207 987 4888
Email: hughp@patcom-media.com
WORLDCOM INC: Court Approves Lazard Freres as Financial Advisors
----------------------------------------------------------------
Judge Gonzalez authorizes the Worldcom Inc. Debtors, nunc pro
tunc to July 21, 2002, to employ and retain Lazard as their
investment bankers and financial advisors on an interim basis
pending a final hearing upon adequate notice.
To the extent accrued during the interim retention, Lazard will
receive only:
-- monthly compensation as specified in the Lazard Agreement,
and
-- reimbursement of expenses.
Judge Gonzalez rules that the United States Trustee retains all
rights to object to Lazard's interim and final fee applications
on all grounds including but not limited to the reasonableness
standard provided for in Section 330 of the Bankruptcy Code. The
Restructuring Fee, the Business Combination Fee and the Sale
Transaction Fee will be the subject of a final hearing on
Lazard's retention. The Debtors are authorized to indemnify and
hold harmless Lazard and its affiliates, their respective
directors, officers, members, agents, employees and controlling
persons, and each of their respective successors and assigns,
pursuant to the indemnification provisions of the Lazard
Agreement and, during the pendency of these bankruptcy
proceedings, subject to these conditions:
-- all requests of Indemnified Persons for payment of indemnity,
contribution or otherwise pursuant to the indemnification
provisions of the Lazard Agreement will be made by means of an
interim or final fee application and will be subject to the
approval of, and review by, the Court to ensure that the payment
conforms to the terms of the Lazard Agreement, the Bankruptcy
Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the
orders of this Court and is reasonable based upon the
circumstances of the litigation or settlement in respect of which
indemnity is sought; provided, however, that in no event will an
Indemnified Person be indemnified or receive contribution to the
extent that any claim or expense has resulted from the bad faith,
self-dealing, breach of fiduciary duty, if any, gross negligence
or willful misconduct on the part of that or any other
Indemnified Person;
-- in no event will an Indemnified Person be indemnified or
receive contribution or other payment under the indemnification
provisions of the Lazard Agreement if the Debtors, their estates,
or the statutory committee of unsecured creditors assert a claim,
to the extent that the Court determines by final order that the
claim arose out of bad-faith, self-dealing, breach of fiduciary
duty, if any, gross negligence, or willful misconduct on the part
of that or any other Indemnified Person; and
-- in the event an Indemnified Person seeks reimbursement for
attorneys' fees from the Debtors pursuant to the Lazard
Agreement, the invoices and supporting time records from the
attorneys will be annexed to Lazard's own interim and final fee
applications, and the invoices and time records will be subject
to the United States Trustee's guidelines for compensation and
reimbursement of expenses and the approval of the Bankruptcy
court under the standards of Section 330 of the Bankruptcy Code
without regard to whether the attorney has been retained under
Section 327 of the Bankruptcy Code.
* * *
With the Court approval, Lazard will perform a review and
analysis of the Debtors' business operations and financial
projections by:
a. Evaluating the Debtors' potential debt capacity in light of
its projected cash flows;
b. Assisting in the determination of a capital structure for the
Debtors;
c. Determining a range of values for the Debtors on a going
concern basis;
d. Advising the Debtors on tactics and strategies for negotiating
with the holders of the Existing Obligations (Stakeholders);
e. Rendering financial advice to the Debtors and participating in
meetings or negotiations with the Stakeholders or rating agencies
or other appropriate parties in connection with any
restructuring, modification or refinancing of the Debtors'
Existing Obligations;
f. Advising the Debtors on the timing, nature, and terms of new
securities, other consideration or other inducements to be
offered pursuant to the Restructuring Transaction;
g. If requested by WorldCom, advising and assisting the Debtors
in evaluating potential capital markets Transactions of public or
private debt or equity offerings, including any DIP financing by
the Debtors, and, on behalf of the Debtors, evaluating and
contacting potential sources of capital and assisting the Debtors
in negotiating like a Financing Transaction;
h. Assisting the Debtors in preparing documentation within our
expertise required in connection with the Restructuring of the
Existing Obligations;
i. If requested by the Debtors, assisting in identifying and
evaluating candidates for a potential Business Combination,
advising the Debtors in connection with negotiations and aiding
in the consummation of a Business Combination;
j. Advising and attending meetings of the Debtors' Boards of
Directors and their committees;
k. Providing testimony and other evidence, as necessary, in any
proceeding before the bankruptcy court; and
l. Providing the Debtors with other general restructuring advice.
Lazard will charge the Debtors:
(1) A US$300,000 Monthly Advisory Fee, payable in cash on the 1st
day of each month thereafter until the earlier of the completion
of the Restructuring Transaction or the
termination of Lazard's engagement;
(2) A US$15,000,000 Restructuring Fee, payable in cash upon the
consummation of a Restructuring Transaction;
(3) A cash-based Business Combination Fee in case WorldCom
requests Lazard to assist in connection with any proposed
Business Combination and that Business Combination is
consummated. The fee shall be paid promptly upon the closing of
that Business Combination;
A cash-based Sale Transaction Fee in case WorldCom asks Lazard to
assist in connection with any transaction involving the sale of
certain of WorldCom's business lines, divisions or operating
groups. The fee is payable promptly upon the closing of the sale
deal;
One-half of any fee payable pursuant to this clause will be
credited against the Restructuring Fee if, as and when that fee
is payable to Lazard;
(4) More than one fee may be payable pursuant to clauses (2) and
(3).
Lazard also will seek reimbursement for reasonable out-of-pocket
expenses, and other fees and expenses, including reasonable
expenses of counsel, if any. (Worldcom Bankruptcy News, Issue No.
7; Bankruptcy Creditors' Service, Inc., 609/392-0900)
************
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Larri-Nil Veloso, Ma. Cristina Canson and Jean Claire Dy, Editors.
Copyright 2002. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each. For subscription information,
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